Future Market Insights provides an evaluation and comparison of the market growth rates and future development possibilities on a half-yearly basis for the global market. There is still much space for development in the vegan pasta industry.
The Vegan Pasta Market is estimated to be valued at USD 176 Mn in 2022. As per Future Market Insights (FMI), the overall market value is expected to reach a valuation of USD 416.7 Mn by 2032, rising at a CAGR of 9% for 2022-32.
The increase is due to the population’s acceptance of veganism, which has spread like wildfire over the world. As a result, traditional pasta manufacturers have begun to produce plant-based pasta or vegan pasta in order to cater to vegan customers. The desire for healthy, clean-label foods is on the rise, prompting pasta manufacturers to focus their efforts on vegan offerings. The market is anticipated to hold a share of around 20% of the overall pasta market.
Moreover, consumers holding intolerance towards gluten tend to shift away from gluten-based products, particularly meat-based consumables. As a consequence, vegan pasta is set to make forays into the diet of health-conscious and vegan consumers in the forecast period.
FMI provides an evaluation and comparison of the market growth rates and future development possibilities on a half-yearly basis for the global market. There is still much space for development in the vegan pasta industry.
Since manufacturers stress “organic” and “gluten-free” characteristics to ensure superior product quality and nutritional benefits, a variety of vegan pasta is anticipated to become on the market soon. Key firms also primarily rely on inorganic tactics to expand their market share.
There have been a number of recent changes in this market.
VegaBytz has created nutritious pasta, noodles, and snacks that are high in fibre, 100% plant-based protein, immunity, and include zero carbohydrates and no sugar
Barilla purchased the Canadian business Catelli in February 2021. The Montreal plant that makes the company’s dry pasta is part of the deal (Quebec)
The global market for Vegan Pasta is expected to rise by 5.5 % in the first half of 2021. However, the distribution of this increase is not equal across all geographical areas. The expected growth rate of the market is around 6.2%. Consequently, during H1 2022, there will be a -61.6 BPS point difference between expected and projected growth.
The primary causes of this variation in growth rate are ascribed to the market’s quick acceptance over the first half of the projected period due to customers’ shifting moral preferences away from animal-based products. The demand for plant-based products is increasing since there is an increase in awareness of animal cruelty and a sense that it is wrong to kill an animal for food.
It’s important to note that prominent social media influencers like A Shooting Star and the Yoga Girl frequently promote vegetarianism in this context. It’s also important to point out that they have hundreds of millions of daily inspiring followers online.
Despite these promising developments, there are still some likely obstacles to overcome. For example, the Vegan Pasta market is expected to be constrained by factors such as the need to adhere to strict regulations and different standards around the world, growing competition, and inflation that is expected to remain above the upper band in certain important countries over the short term, and fluctuating raw material prices.
VEGAN PASTA MARKET OUTLOOK
There has been a significant shift in the consumption pattern of consumers in the past few year, as increasing number of people are replacing their traditional diet to a more gluten free diet. This is owing to the rising consciousness among consumers to maintain a healthy diet with sufficient protein intake.
However, during COVID-19, the market faced a drastic fall in sales as consumers increased demand for essentials food products rather than specialty food products. In the 2nd quarter of 2020, demand for vegan pasta slowly picked pace, as consumer shifted towards plant-based food items to reduce the spread of food allergies from non-vegetarian food products.
The market is expected to gain significant traction by 2032 end, as they have many health benefits despite having similar taste and texture of pasta. With the rising popularity of plant-based products resulting in the upwelling of vegan pasta sale, has compelled manufacturers to widen their distribution channel and innovate their product lines. These key factors are anticipated assist the vegan pasta market in the forecast period.
DEMAND SCENARIO OF VEGAN PASTA IN THE U.S.
Pasta consumption is very high across the globe. But the changing trends and rising health-conscious consumers have led manufacturers to launch products such as vegan pasta catering to consumers’ demand. Vegan pasta is quite popular among consumers in the U.S.
This is because consumers here are well aware of product such as vegan pasta that are available in the market, new product launches and are willing to buy products at premium prices as well.
Additionally, vegan pasta market in the U.S. carries a well-connected distribution channel, which improves the accessibility of these product in the country. This is expected to bring magnificent growth opportunities for the market in the U.S.
GERMANY DOMINATING THE EUROPEAN VEGAN PASTA MARKET
Production of vegan products in Europe is witnessing a two-fold growth, with Germany leading the list among other countries. This is owing to increasing inclination of consumers in the country towards sustainable food items along with health benefits.
In recent years, Germany has seen a drastic fall in the consumption of non-vegetarian and meat products, owing to rising adoption of vegan lifestyle by consumers in the country.
According to Green Queen Media, number of vegan consumers doubled in Europe in the previous four years, accounting for almost 2.6 million people. This is likely to put Germany in the spotlight for vegan pasta manufacturers in the coming years.
CATEGORY-WISE INSIGHTS
Demand for Vegan Pasta Sourced from Legumes Significantly Impact the Market Myriads of evidence presented that refined carbs pose various risks to human health, including obesity, heart disease, and inflammation. Food manufacturers are rushing to innovation in the space, developing healthier food products including pasta derived from ingredients, such as legumes.
In addition, the legume vegan pastas are gluten-free, minimizing health-related issues, particularly for consumers suffering from gluten-intolerance. Vegan pasta sourced from legumes encompass lentils – black, red, or green – offering a treasure of nutrients, including protein and fiber (in ample amount) along with various vital nutrients - calcium, iron, and vitamin B6.
Aforementioned factors are poised to propel demand for vegan pasta sourced from legumes thus driving its consumption with a rising growth rate over the forecast period.
DRIED VEGAN PASTA TO GAIN TRACTION IN THE FORTHCOMING YEARS
The veganism trend peaked in 2018, boosting a number of businesses in the vegan category. Vegan pasta, one of these beneficiaries, garnered attention since then as pasta already had been among the most favored convenience foods, globally. However, fresh pasta served at restaurants and cafés are rarely vegan.
Furthermore, majority of packaged dried pasta contain ingredients that are plant-based, however referring to them as ‘vegan’ would be an overstatement. As a result popular brands such as Barilla, Ronzoni, Explore Cuisine, and Mueller’s are leading the way in vegan pasta market to offer a variety of dried pasta with the authenticated vegan claim. These brands prominently sell their vegan pasta at the all-vegan sections of Walmart, Whole Foods, and Costco. Still in its infancy, vegan dried pastas are expected to see robust growth in the near future.
Some of the key players in the vegan pasta market include Nestlé S.A., Barilla Group, De Cecco Company, Delverde Industrie Alimentari S.p.a., Grupo La Moderna, RFM Corporation, General Mills, Inc., Windmill Organics Pastas Gallo Company, Bionaturae LLC., among others.
The vegan pasta market is still at its infancy, with plenty of room for improvement. A variety of vegan pasta is likely to hit the shelves in the near future, as manufacturer prioritize ‘organic’ and ‘gluten-free’ aspects to ensure higher product quality and nutritional benefits. Moreover, key players are heavily dependent on inorganic strategies to gain market share.